Internationalization Models and Entry Strategy

Adaptation
The Case Study of H3

Catarina Fervença Rocha de Almeida

Department of Engineering and Management, Instituto Superior Técnico

Abstract

In recent years, increasing globalization and competitiveness have led companies to choose to
start activities across borders and thus manage to survive and thrive. This growing concern has
brought the challenge of internationalization to the strategy of most companies.
The issues raised about the behavior of companies when entering a foreign market, and their
entry strategy, are of utmost importance and, therefore, it was found to be relevant to
understand how they could be explained.
To this purpose, it was decided to use a methodology of case study with the brand H3. This
brand, due to its characteristics and to its desired rate of growth, needed to further develop its
internationalization process.
The analysis of the models of internationalization and entry modes, together with the business
and brand characteristics, allowed the assessment of their applicability to explain the
international behavior of the brand. The analysis was performed taking into account the
determinants of the different models and the brand.
Following this, it was proposed a model of internationalization for the brand. This model
combines different models of internationalization reviewed in the literature, adapting them to
the particular characteristics of a services company. This model is intended to guide the
company throughout the various stages of its internationalization process. The adaptation of
the entry strategy was considered taking into account the requirements of the brand and its
goals at the international level, making it possible to recommend an entry mode that will enables
the company to achieve its growth objectives.

Keywords: Internationalization; Internationalization Models; Entry Modes; International

Markets; Franchising; H3

1. Introduction The awareness of this firm strategy and the

Over the latest years, with the growing
competitiveness and globalization, there is a
rising need for companies to expand their
business internationally, to survive and
prosper. This growing concern has brought
the challenge of internationalization into the
day-to-day operations of most companies.
desire to contribute in the explanation of such
phenomena, has led to the main purpose of
this article, i.e., the development of an
internationalization model and a discussion of
entry mode.
To achieve this goal, a case study
methodology shall be applied in which
theoretical models and modes of entry that
have been described in the literature review

1
will be presented with all their characteristics.
The case study will follow the brand H3 that,
similarly to what happened with other
companies due to their growth, decided to go
abroad and compete in foreign countries. The
goal is, based on the literature, to propose an
internationalization model that fits the
company, and that can be used to explain its
behaviors.
2. Literature Review
2.1. Internationalization
With the existing globalization and growth,
one that wishes to detain some competitive
advantage and lead over another, cannot, in
the current century, be restricted to the
national market. Instead it should aim for
ways that allow some sort of advantage
internationally (Gamble et al. 2013).
Internationalization can be defined as the
“adaptive process of companies’ operations
(strategy, structure, resources,...) and
international environments” (Welch &
Luostarinen 1988, p.116). This adaptive
process has to take in account the motives
and barriers that a company faces in a given
market.
The decision to go abroad can be based in
several reasons such as: having access to
new consumers and reducing the costs
hence increasing competitiveness; having
access to resources and capacities only
available in foreign markets and to
disseminate risks by associating different
activities along different markets.
The main challenges to the
internationalization of a company are
associated to the lack of information,
functional aspects linked to time or staff
shortage to deal with the process of
internationalizing the company, marketing
barriers and obstacles concerning
governmental, institutional and cultural
aspects (Gamble et al. 2013).
2.2. Internationalization Models
To explain the behavior of a company,
several theoretical models were proposed,
differing in the determinants that are
considered to explain the actions of
companies at an international level:
The Internalization Theory (Buckley &
Casson 1976) based its explanation on the
internalization of operations, with the aim of
reducing transaction costs, in order to
maximize profit. Thereby, the entry into
foreign markets is elaborated with the
objective of internalizing these operations
and maximizing profit.
In The Transaction Cost Approach,
Williamson (1979) claims that the costs
associated to different operations are
analyzed to understand if these operations
should be executed internally or, on the other
hand, by external firms. The
internationalization through this model is
explained with the desire to reduce the
transaction costs associated with certain
activities.
In the Resource Based-View, Barney (1991)
explains the sustainable competitive
advantage of a company from the resources
it possesses. The internationalization
strategy of a company involves the analysis
of the distinctive company’s resources itself.
It is considered that the company’s
superiority is achieved through the
combination of resources that faster
internationalization.
Vernon (1966), in the International Product
Life Cycle Theory, justifies the increasing
entry in foreign markets with the stages a
product faces during his life cycle: punctual
exportations, increasing the commitment
abroad in countries where cultural distance
and risk are inferior and, finally, implementing
production facilities in less developed
countries, to gain advantage of the labor cost
reduction, when the processes are already
standardized.
Similar to the International Product Life Cycle
Theory, the Uppsala Internationalization
Model (Johanson & Wiedersheim-Paul 1975)
also explains the internationalization of a
company as a gradual process, in which the
company acquires knowledge and increases
its resources commitment. The set of stages
(non-regular exports activities, exports via
independent representatives, the installation
of a sales subsidiary and the installation of a
production subsidiary) that a company goes
by in its expansion process, is labeled as
“establishment chain.”
Johanson & Vahlne (1977), based on the
previous model, proposed a dynamic model
with aspects of state and aspects of change.
The aspects of change were resources
commitment decision and the current
performance and the aspects of state were
the knowledge of the market and the foreign
operations and the resources commitment
with the foreign market (Figure 1).
2

Figure 1. The Basic Mechanism of Internationalization -
State and Change Aspects (Johanson & Vahlne 1977)
After, Johanson & Vahlne (1990) claimed that
the company cannot be analyzed as an
independent factor. Having the Uppsala
Internationalization Model in mind, the
authors suggest that “market knowledge,
market commitment, commitment decisions
and current activities” should not be seen in a
unilateral, but instead, in a multilateral way,
since the company is part of a network, where
it establishes relationships. The model goes
from intra-organizational to inter-
organizational, whereas exploring the
capacities and complementary
competencies, the networks provide a joint
realization of mutual benefits. Therefore, a
specific company is dependent from
resources controlled by other entities and the
access to those resources is obtained by a
determined position in the network.
Depending on the degree of company
internationalization and the respective
market, the Network Model (Johanson &
Mattsson 1987), group companies into four
different categories, “The Early Starter”, “The
Late Starter”, “The Lonely International” and
“The International among the Others” (Figure
2).
Figure 2. Internationalization Process based on
Network Model (Johanson & Mattsson 1987)
Opposed to the Behavioral Theories, the
Eclectic Theory (Dunning 1981) assumes
that companies have access to a perfect and
complete information about the market, being
considered a static model. Thereby, the
possession of a set of advantages will be
decisive in the process of internationalization
of a company. The advantages are grouped
in firm specific advantages, like the existence
of tangible and intangible resources that
make them superior to its competitors,
independently from its location, the location
advantages, which result from the market
imperfections, namely the role of the
Government, the uncertainty and risk, the
capacity of seizing economies of scale and
externalities, the abundance of natural
resources and human resources with quality
and reduced costs, production costs, access
to raw materials, business and cultural
environment, absence of business barriers
and the political and institutional framework.
Finally, the internalization advantages
correspond to the capacity of internalizing its
activity instead of selling the rights, so that
other foreign companies are able to explore
those advantages.
Although it is possible to explain the behavior
of a company through the models previously
presented, it should be noted that the
institutions (“cognitive, normative and
regulative structures and activities that
provide stability and meaning to the social
behavior. [Which are] transported by diverse
supports – cultures, structures and routines –
and operate in multiple levels of jurisdiction”
(Scott 1995, p. 33)) have influence in the
companies’ decisions and their respective
behavior. Therefore, through the Institutional
Theory it is possible to understand the
relationships between the organizations and
the involving environment. This theory is
based in three different pillars, regulative,
normative and cognitive, and, according to
Huang & Sternquist (2007), it is a
supplementary theory that is not
contradictory to the other theories presented
and, for that reason, it should be analyzed in
the context of internationalization, since the
internal and external environment influence
the decisions of a company. The same
authors claim that with the application to the
international context is possible to observe
that the pressures of the macro-environment,
whether from domestic or host country, and
the micro-environment, from the company,
influence not only the choice of foreign
markets, but also the entry mode.
Finally, Porter (1990) presented a theory
(Porter’s Diamond Model) about the
competitive advantages to explain the
company internationalization. The constant
innovation enables a company to highlight
itself from its competitors and providing
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competitive advantage. Porter presented a
set of four attributes, named the diamond of
national advantage.
• Factor Conditions: labor or infrastructures;
• Demand Conditions: nature of domestic
market;
• Related and Support Industries: supplier
or other related industries;
• Firm’s Strategy, Structure and Rivalry:
conditions for nation governance, in which
the companies are created, organized and
managed and the nature of domestic
rivalry.
Porter, in his diamond, also presents the role
developed by the government and from
chance, as factors that have the capacity of
influencing the four determinants. Rugman &
Verbeke (1993) adapt the model proposed by
Porter, adding these two factors, with their
respective influence, in the capacity of a
company to gain competitive advantage and
also claim that the diamond cannot be only
analyzed at a national level, but must present
a local, regional, national, foreign and global
analysis. This way, the authors distinguish
endogenous and exogenous variables, being
the first ones the original attributes and the
latter the factors introduced (Government and
chance).
Rugman & D’Cruz (1993), verified that it
would be important to add the international
context to the domestic diamond initially
proposed. Therefore, the Double Diamond
Model associates the international context to
the domestic diamond of each country. Since
this diamond combines developed and less
developed economies in the same diamond,
the analysis becomes complicated and it
can’t be applied to all countries. As result, it
was necessary to generalize, emerging the
Generalized Double Diamond Model,
suggested by Moon et al. (1998), where the
domestic diamond evaluates the way in
which a country increases its
Table 1. Determinants present in each Internationalization Model
competitiveness by using its own resources,
and the international diamond analyses the
way a country extends its competitiveness
aggregating all the non domestic diamonds of
a country. These two diamonds, together,
evaluate the competitiveness of a specific
country.
Verifying that the diamonds previously
suggested emphasize the physical factors,
without considering developing countries,
where the advantage consists mostly on
labor factors, Cho (1994) presents the Nine
Factors Model. In this model it is possible to
verify the existence of more factors, namely
in relation to physical factors.
Lastly, Cho et al. (2009) understood that it
would be beneficial to be able to explain the
competitive advantage of a country,
conciliating the international diamond and the
human factors in one unique model. This last
model, the Generalized Double Diamond
Model, duplicates the model by including an
international diamond, associating it to the
national diamond, and the Nice Factors
Model, with the inclusion of human factors.
The analysis of these models, reveals the
existence of determinants associated to each
model. Therefore, summarized, in the Table
1, it is possible to find the determinants of
each model.
2.3. Entry Modes
After presenting the theoretical models, and
the determinants that explain them, it
becomes necessary to verify the existing
entry modes.
• Exports: characterized by using domestic
production in order to sell in foreign
markets. There are two types of
exportation (direct or indirect), according
to whether the company uses or not an
intermediary distributor in the domestic
country.
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• Licensing: occurs when a company
establishes a contract with one or more
local partners. Transferring the right to
use certain corporate assets (patent,
trademarks, brand’s name, technology).
This mode of entry occurs when a
company has the technological know how,
however does not wish to use resources
to enter into a certain foreign market.
• Franchising: presents similarities with
licensing, but is distinguished by the fact
that it has a network structure that
demands a greater relationship between
the parties (Pedro et al. 2008). This mode
of entry is a rapid growth form in which the
franchiser provides a package of
standardized products, system and
management services and the franchisee
provides its knowledge of the local
market, capital and management staff
(Ghauri & Cateora 2010). Figure 3 shows
the franchising method of
internationalization in four stages.
Figure 3. Franchise System Internationalization
• Foreign Direct Investment (FDI): the
investment associated with this mode of
entry can be taken alone by the company
that decides to internationalize the
business or through partnerships with
other companies, sharing the costs and
risks (Osland et al. 2001). In the first case
the company has the total responsibility
over the operations, it can opt between a
greenfield, in which it establishes
operations from scratch or acquire a
subsidiary overseas, already with
established activities. If, on the other
case, it does not wish to detain the total
responsibility over the business, it can
establish partnerships through joint
ventures or international strategic
alliances. The first involve “two or more
organizations that share a property, a
management, the risks and rewards of a
Table 2. Entry Modes' Characteristics (Kumar & Subramanian 1997)
newly-created entity.” (Teece 1992 cited
by Klotzle 2002, p. 89).
Overall Table 2 presents the different modes
of entry compared under: the risk for the
company, the return over its activity, the
control over the business and its integration
in the company.
Similarly to the theoretical internationalization
models, the modes of entry also present
different determinants that condition
company decisions, such as (Erramilli & Rao
1993):
• Amount of capital that the company
wishes to invest, both the initial amount at
the opening and the resources
commitment. The smaller the amount of
capital the company is ready to invest, the
greater the probability of establishing a
mode of entry with partnerships.
• Inseparability of production and
consumption, characteristic of which
services, promotes cultural differences
awareness, implying that the firm adapts
the business to local tendencies, which
may lead to higher costs and risks. In this
manner, ‘inseparable’ services may force
companies to share the responsibility of
the business.
• The country risk and the volatility of its
environment must be taken in account in
the adoption of the entry mode, which
must consider the sharing of risks and
costs, in order to achieve a better flexibility
to respond to the eventual changes in the
country in question.
• The size of the company can influence its
mode of entry because the greater its size,
the easier it will be for the company to
succeed internationally, covering the
costs and risks globally.
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3. Case Study – H3
The case study allows one to analyze the
characteristics of the brand, its concept and
both national and international activities. The
main aspects will be identified and the
brand’s international experience shall be
presented in order to understand its behavior
until now.
3.1. H3 Characteristics – SWOT Analysis
The H3 brand, created in 2007 in Portugal, is
a burger restaurant chain. It presents a
differentiating concept combining two
different sectors of the food industry: the fast
food and the fast casual. This means that it
offers fast meals, at low prices, but with fresh
and quality ingredients.
Having in mind the characteristics of the
brand, as well as its business, a SWOT
analysis of the brand can be made (Figure 4),
highlighting the internal (strengths and
weaknesses) and external factors
(opportunities and threats), with the goal of
understanding the capacity of promoting an
international business.
Figure 4. SWOT Analysis
3.2. H3’s International Experience
The brand decided to initiate the process of
internationalization, not only because the
saturation of the national market but also due
to its original plan. Given its growth and its
option to stay in the main shopping centers of
the country, it was difficult to keep the growth
rate same as in the first years in the market.
Consequently, given the interest shown by
various foreign companies to franchise
beyond borders, the brand decided to start its
internationalization process.
The entry mode selection and price definition
are specifically made for each market, and
the decision to enter to a specific market is
based, mainly, on options presented by
potential partners that provide detailed
market research. Thus, based on the options,
the brand makes its assessment and takes a
decision on which market to start the activity
and on what entry mode can be better applied
to those markets characteristics. Until now,
the brand has been in Poland, Spain, Brazil
and Angola.
The entry into Poland was carried with a joint
venture with a Polish and a Portuguese
company. However, the lack of existing
maturity in the fast food market, combined
with some errors resulting from inexperience
in internationalization led to a lack of control
over the restaurant. The brand concluded
that the welcoming to the gourmet burger H3
was associated with the saturation of the
traditional offer of burgers, so that the
concept is valued, and as the McDonald's
also was a recent chain in Poland, there was
no such saturation. The food court system
was not exactly the same as in Portugal.
Finally, different eating habits from the
Portuguese hindered the development of the
operation.
Spain’s case was different, because, after the
experience in Poland, the
company realized it would be
necessary to join a local partner
with experience in the local
market. Thus, the entry mode was
made through a franchise from the
group VIPs. The exit decision
came from the partner, due to
some location errors, aggravated
by the Spanish financial crisis,
forcing the local partner to end the
franchising contract after two
years. Nevertheless, the main
reason was the sale of the group
VIP’s to an American investment
fund.
It is possible to verify that the
brand always makes international
adaptations about burgers offer, but not all
the changes result from the desire to respond
to the culture and needs of consumers.
Sometimes these changes appear because it
is impossible to access certain ingredients.
Analyzing the process of internationalization
is possible to conclude that the brand
increasingly values the franchising entry
mode, in order to join a local company that
knows the market well and carries also
catering activities. This was also the case of
Angola
Throughout the process, it was possible to
identify the characteristics necessary in a
foreign company that could develop the H3
6
business in different countries. The features
are:
• Being a company that already is engaged
in the catering business and is a reputable
company, which means that it knows the
catering sector and that already has
relationships with suppliers and
consumers, making it easier to operate
and to access distribution networks and
suppliers;
• Being a company that does not want to
open just a single store in a given market,
to take advantage of possible economies
of scale, reducing the price of burgers;
• Being a company that works exclusively in
the field of catering;
• Presenting a team already formed and
dedicated to this area, to reduce the costs
of creating the company and training in
different areas of management required
for this type of business.
Through the analysis of the markets where it
existed, or still exists, it is possible to identify
the main barriers to internationalization, such
as labor laws, the specificities of each
market, the procurement of suppliers abroad,
since the brand wants the meat produced in
the market where it operates, and language.
In certain markets were found local lifestyles
very different from the Portuguese, and
different development levels of distribution
chains, which made difficult carrying
operations exactly as in Portugal. Finally, the
brand found markets where the eating habits
forced it to adapt the menu.
Finally, there is the need to evaluate the
introduction of a concept with a healthier offer
due to market saturation with the traditional
fast food chains offers, such as McDonald's.
This did not happen in the Polish market,
which turned out to be a barrier to the
introduction of business in that country.
The brand, which was already present in the
Euro zone and the European Union and now
lies just outside Europe, realized that there
are differences in the negotiation process and
these differences are more noticeable in
other continents.
Host countries have no requirements,
however the different laws and rules require
H3 to adapt its activities and supply to the
different market specificities. The restrictions
are mainly bureaucratic and the lack of
knowledge of these restrictions and
excessive tax rules mean that the brand is
required to hire lawyers and consultants,
leading to higher costs of the operation.
4. Applicability of Internationalization
Models to H3
The determinants that have a higher impact
on the brand’s international activities are:
distance, as in cultural distance, institutional
environment, uncertainty and risk,
relationships with other companies and the
company’s assets. Therefore, it is possible to
conclude that no model adapts entirely to the
brand behavior making it necessary to
associate different theories.
Studying the context and the nature of the
business of H3 and the determinants found to
be the most relevant for the company’s
business, it was found that the model of
internationalization should combine: the
International Product Life Cycle Theory, the
Institutional Theory, the Network Model, the
Eclectic Theory and Porter’s Diamond Model.
It was considered that the other models did
not add explaining power to the
internationalization decision of the company.
As such, bearing in mind the desired
parsimony, capable of describing brand
activities in a model (Hosmer & Lemeshow
1989), it was decided not to include an
excessive number of models that could inhibit
the overall evaluation.
By utilizing the proposed model, it is possible
to recognize that a company with similar
characteristics to H3 should, initially, analyze
the market, either by pre-existing market
research or, in case of insufficient research
material, create their own study that allows
for the understanding of a certain country’s
culture. Subsequently, the firm should
analyze the institutional environment and
verify how the laws and rules are set, not just
in terms of labor but also regarding the food
industry sector, as in the need for licensing
the business and staff bonuses. The market
analysis provides the means to evaluate the
risk of starting a business in a specific market
when it comes to cultural terms and
institutional environment. The brand should
be aware of existing supplier and distribution
companies to assure interactions that are
able to keep the brand’s concept. It will be
also necessary to establish connections with
a country’s shopping centers and understand
the existing laws in order to install a
restaurant. Finally, as the company does not
wish to start a business with a FDI, of
exclusive business responsibility, it will be
necessary to identify the characteristics of
these companies and verify their assets in
order to negotiate, bearing in mind the
qualities that the brand considers essential
for success. It is possible to conclude that
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Porter’s Diamond Model does not present
itself as an isolated step but instead
accompanies the brand’s internationalization
process, which allows the identification of
competitive advantages throughout the
decision process.
The company’s business model may in fact
be analyzed separately. In other words,
different stages can be established in the
presented model, each of which corresponds
to a theoretical model (Figure 5), namely:
Figure 5. Internationalization Model
• The International Product Life Cycle
Theory, with an analysis of the cultural
distance and of the risk and uncertainty
associated with the business in a specific
market.
• The Institutional Theory as it investigates
the regulative, normative and cognitive
environment of a country, which provides
an understanding of the brand’s capability
to operate in that market, considering the
existing laws and regulations.
• Network Model that verifies the existence
of firms from which relationships can be
established in order to develop the brand
concept.
• The Eclectic Theory, in so far as it
addresses the analysis of the assets of the
potential company and also in the
verification of the presence of certain
assets considered indispensable for the
success of the brand
Finally, as mentioned previously, it is possible
to simultaneously include in each stage
Porter’s Diamond Model, along with its
respective extensions, since it evaluates the
competitive advantages relative to the
national and international value of the
diamond with respect to each of the previous
determinants.
5. Applicability of Entry Modes to H3
Through the observation of the determinants
that affect the control that a company wants
to have on its international business,
presented in the literature review, the brand's
characteristics and previous international
experiences, it’s possible to realize which of
the entry modes is more adequate.
The brand wants a low risk on the
business, not demanding a high
resources commitment, which
could facilitate the development of
their main goal, this is, the
improvement of the brand concept
and constant innovation, combined
with the effort to standardize the
processes. Thus, the company also
doesn’t want a high level of control
over the restaurants, which could
lead to a resources commitment.
It’s possible to verify that the two entry
modes, franchising and IDE, through a joint
venture, can be adopted by the brand, since
both fit these requirements. Franchising
allows the operational responsibility to rest
with an external company and ensures the
desired quality, but at the same time, it does
not require the franchiser to commit
resources to operations. The H3 brand, as
said before, wants the partnering companies
to have specific characteristics, so that both
service quality and business success are
assured. In case these companies don’t fully
have these qualities, the brand can opt for a
joint venture, which allows the entrance in a
market without the investment, leaving the
operations to the brand’s responsibility.
By looking to the determinants that define the
entry mode to be used by the company, it is
concluded that, in most cases, franchising
would be the best option due to it’s low risk
characteristics, investment and resources
commitment.
With the purpose of getting how the
company’s internationalization should be, it
could be used, as an example, the study
8
proposed by McIntyre & Huszagh (1995)
(presented in the literature review), since it
represents exactly, the company’s behavior
so far.
In order to facilitate the franchising process of
the brand for a particular market, it would be
important for the brand to contact a company
that is responsible of creating partnerships in
the involved country, to find a master
franchisor. The responsibility of finding
adequate franchisees would rest with this
master franchisor, accordingly to the
company’s requirements.
Despite being franchising the entry mode that
the company should adopt, due to its
characteristics and its business, that it is
possible, in certain attractive markets there
are no companies with the desired attributes.
In such cases, the brand should adopt joint
ventures as an entry mode, since an
investment would not be necessary, and the
brand would only be responsible for the
operation, ensuring the desired standards.
An example of a market in which could be
adopted a joint venture is the US market, as
due to its size it would be necessary to open
a large number of restaurants in a short
period of time. This opening would be
associated with a large investment and if any
company was interested in financing the
opening of restaurants, it would be an
opportunity to consider, even if the brand had
to remain responsible for the operation. The
US market is an exception, given its size and
characteristics, since, as previously stated,
the brand does not want to enter markets with
some participation in operations.
Although it can be adopted a joint venture
entry mode, this shall not be a permanent
situation. The brand may be in a first instance
responsible for the operations, but willing to
sell them if it is considered that the local
company already has the capacity to be
responsible for the whole business. This can
be justified looking to the Brazilian market
case. Although the brand has entered
through a joint venture, responsible for the
operations at that time, now it wants to sell its
part, becoming fully franchised stores.
6. Conclusions and Future Work
Through the analysis of the theoretical
internationalization models, more concretely
of their determinants, it is possible to
understand in what way they are able to
explain the brand’s international behavior. It
was concluded that the International Product
Life Cycle Theory, Institutional Theory,
Eclectic Paradigm, Network’s Perspective
and the Porter’s Diamond Model, could be
used to explain the brands’
internationalization process. The proposed
model is divided into stages - in which each
one is explored through the use of a model
analysis - in order to explain in what ways H3
may decide about internationalization, taking
into account its characteristics and the
determinants it deems important at the time
of such decision. The models’ sequence was
determined not only by the importance the
brand gives to each determinant, but also
according to the weight they hold towards the
success of the business.
On the other hand, the characterization of the
brand’s internationalization process leads to
better understanding of the way the risk, the
resources commitment and the capital H3
wishes to invest, influence the choice of the
entry mode. It was concluded that the
franchising system is best suited to the
brand’s necessities and promotes growth at a
desired pace, without the need to invest
capital and incur in an elevated risk,
compared to other entry modes.
Despite the fact that the market entry
decisions are made taking in account the
proposals presented, it would be fruitful to
conduct an analysis of markets that initially
have conditions for the development of
brands such as H3’s. As such, it would thus
be possible to apply the proposed model to a
specific market, with the objective of
validating and understanding if it would be
possible to apply it, without having any
market in mind.
7. References
Barney, J., 1991. Firm Resources and
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